News: Expanding the application of the status of a tax resident in Cyprus

Expanding the application of the status of a tax resident in Cyprus

The draft bill extending the application of the status of tax residency was unanimously approved by the Parliament of Cyprus.

According to the above bill, person, who remains within the territory of Cyprus during not less than 60 days, can be considered a resident.

In addition, the person concerned must meet the following requirements:

- Such person should have real estate for residence (rented or privately owned)
- Person should carry out commercial activities or work for hire in the public sector or in the private sector during the tax year.

For more detailed information regarding obtaining the status of tax resident in Cyprus, contact the lawyers of Law&Trust International.